For Sale – 37’ Wide Mixed-Use Building in the Lower East Side 102 Norfolk Street New York, NY 10002 East side of Norfolk Street between Rivington and Delancey BLOCK / LOT: 353 / 49 (Approx.) LOT DIMENSIONS: 37.7' x 100.2' (Approx. SF) LOT AREA: 3,777 BUILDING SIZE: 37.7' x 100.2' Irr. (Approx.) STORIES: 6 (Approx. SF) GROSS SF: 16,000 RESIDENTIAL UNITS: 25 COMMERCIAL UNITS: 2 ZONING: R7-A Residential/Community Fac. F.A.R. (AS-OF-RIGHT): 4.0 2.0 Commercial overlay * (Estimated) ASSESSMENT (13/14): $800,000 13.1810% (Estimated) TAXES (13/14): $105,448 * ALL INFORMATION SHOULD BE VERIFIED INDEPENDENTLY As of 12/11/2013 PROPERTY DESCRIPTION: The subject property is a 6-story mixed-use building located on the east side of Norfolk Street between Delancey and Rivington Streets. There are two commercial restaurant/bar units on the ground floor and 25 apartments on the upper floors. Of the 25 apartments, there are five on each floor and they consist of 21 Rent Stabilized and 4 Free Market units. The commercial tenants, Saro Bistro and The Back Room, are considered neighborhood staples and collectively pay approximately $27,927 in real estate tax pass-throughs. The offering provides tremendous upside in the rents considering 85% of the apartments are Rent Stabilized and the Free Market units are also renting at below market levels. The Back Room’s lease expires on October 31, 2020, plus there is one 5 year renewal option at market rent. There is a light and air easement with 100 Norfolk, the adjacent property to the south. The building is across the street from the Seward Park Urban Renewal Area (SPURA). Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of commercial space to the Lower East Side. In addition, the property is two blocks from the Delancey Street-Essex Street subway stop which is serviced by the F,J,M,Z trains. Please call for more information. LOCATION: *As of 6/24/13 landlord and NYC Law Department entered into a pre-trial settlement agreement on a proposed assessment of $800,000 Asking Price: $11,950,000 For more information or inspection, please contact: Michael DeCheser Darragh Clarke Mei Ling Wong First Vice President of Sales 212-696-2500 x 7772 Associate Director of Sales 212-696-2500 x 7737 Associate 212-696-2500 x 7716 mdecheser@masseyknakal.com dclarke@masseyknakal.com mwong@masseyknakal.com The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER